Ghana’s GDP growth projected to be 6.7% in 2010

The business environment in Ghana looks stable for 2010 according a first quarter report by a market research firm, Companies and Markets and the country is expected to experience growth.

The report forecasts that the country’s real GDP growth would be 6.7% in 2010 with a possible jump to double-digit growth in 2011 as a result of the commercial production of oil in late 2010.

“The long-standing deficits on the current and fiscal accounts will be eliminated by 2011 and 2012, respectively, and replaced by growing surpluses,” it said.

The report projected that the country’s currency, the Ghana cedi would see gains over the medium term. It said the currency will stand at GH¢1.3300 to the US dollar at the end of 2010.

While the report forecasts improvement in the business environment in the coming years, it noted the weaknesses that persist in the business environment with infrastructure.

The report cited the country’s power and water shortages as real challenges but held that the situation is getting better over time.

By Emmanuel K. Dogbevi